Employee Engagement towards insurance business, Organizational outcomes,
A. Levinson, cited in Smith and Markwick, (2009, p.17) claims that;- “In departments where [highly] engaged employees sell to engage customers, customer loyalty, repeat purchases and recommendations to friends are double that of companies with average employee engagement”. In the Insurance industry the mutual trust between the insured and insurer is one of the most important factors. By enhancing the employee engagement the retention of the client base will be increased as a result of the service levels which bounce beyond the expected levels, this will increase customer satisfaction and creates engaged customers who recommend the product and the organization to others.
B. By having highly engaged employees who are satisfied and happy to work this will increase the staff turnover and decrease the absenteeism’s (Armstrong, 2014). Combination of the marketing force and the Technical staff is handing the entire Insurance market. It is essential to have experienced marketers at the same time experience Underwriters how identify the risk in a broad and complex situations. If theses expertise been droop down due to dissatisfaction it will be a huge impact to the Organizational outcomes.
C. Increase sales through increasing employee efforts, productivity, quality and by minimizing errors. In insurance business by increasing the GWP on sales is not enough, it is much important to have Good risk in to the fund by make sure to eliminate the bad risks getting to the balance sheets of the organization. According to Lockwood cited in Smith & Markwick, (2009, p. 17) “Engaged employees work harder, are more loyal and are more likely to go the ‘extra mile’ for the corporation”.
These factors will make sure to increase the growth rate of the organization, Increased in business success, increased sales and finally to give better performance and a higher value to the Organizations Shareholders and attract them to have more investments on the business.
References
Armstrong, M. (2014) HANDBOOK OF HUMAN RESOURCE MANAGEMENT PRACTICE. 13 edition. United Kingdom: Kogan Page Limited.
Smith, G. R. and Markwick, C. (2009) Employee Engagement A review of current thinking. UK: INSTITUTE FOR EMPLOYMENT STUDIES.
Hi, Charith , When t go through you blog , you have well communicated effectiveness of employee engagement to the company . Thus HR can lead the charge to create an effective employee engagement strategy, but it needs to be embraced by the entire organization. There is a clear gap between the optimism of upper management and what middle managers experience with their teams. To understand the whole-organization picture, it’s essential to have an effective, multi-directional communication strategy in the organization. Effective communication is one of the most important factors that is most likely to bring company success. Organizations that thrive are able to articulate and communicate what success looks like – as individual employees, teams and departments, and the company as a whole. This increases engagement organization-wide. (Fairlie , 2002)
ReplyDeleteHi Charith , Employee engagement is critical to any organization. Deci and Ryan conducted the most influential
ReplyDeletestudy on employee engagement in 1985 (Berens, 2013). Deci and Ryan (1985) expanded on early
work by differentiating between intrinsic and extrinsic motivation. Competence, autonomy, and
psychological relatedness which are psychological needs, motivate the individual to initiate behavior
essential for psychological health and well-being of an individual and if satisfied may lead to optimal function and growth (Deci & Ryan, 1985). The basic needs of satisfaction have been found to directlyrelate to dedication of employees (Vandenabeele, 2014).
Employee engagement is the emotional commitment employees feel towards their organization and the actions they take to ensure the organization's success; engaged employees demonstrate care, dedication, enthusiasm accountability and results focus(Allen,2014).
ReplyDelete-Engaged employees work with passion and feel an emotional connection to their company.They are characterized as being loyal, committed, productive and deliver results.
-Not Engaged employees come to work and do what is asked of them but have little energy or passion for their work.
-Actively Disengaged employees aren’t just unhappy at work; they actively show their unhappiness.
Hi Charith,You have clearly stated the importance of Employee engagement with in the Insurance sector and how Employee engagement will leads to the organizational commitment.is the extent to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work.Employee engagement goes beyond activities, games, and events. Employee engagement drives performance. Engaged employees look at the whole of the company and understand their purpose, where, and how they fit in. This leads to better decision-making. Organizations with an engaged workforce outperform their competition. They have a higher earning per share (EPS) and recover more quickly after recessions and financial setbacks. Engagement is a key differentiator when it comes to growth and innovation. Performance = Engagement x Alignment x Competency(Custom Insight, Employee Engagement Survey).
ReplyDelete